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Staffmark Holdings withdraws IPO after announcing plans to be acquired

Staffmark Holdings withdraws IPO after announcing plans to be acquired

Staffmark Holdings, which is leading provider of temporary staffing solutions in the US with roughly 6,000 clients, withdrew its plans for an initial public offering on Friday. The news of their IPO withdrawal follows reports earlier in the week that Staffmark is planning to be purchased by Japanese staffing provider Recruit Co. Ltd. Staffmark had been planning an initial public offering of up to $125 million in stock but those plans had been delayed by the stock market?s summer decline and volatility, which significantly hampered IPO issuance. The Cincinnati, OH-based company was founded in 1970 and selected UBS Investment Bank and BMO Capital Markets to be the lead underwriters on the deal.

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